Insurance of machines is apportioned on the basis of:
Insured value of each machine
Invoice price of each machine
Area
Cost of machine
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insured value of each machine
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Given : Insurance of machines is apportioned
To Find : On what basis
Insured value of each machine
Invoice price of each machine
Area
Cost of machine
Solution:
Insurance of machines is apportioned on the basis of Insured value of each machine
In Insurance premium is based on IDV
(insurance Declared Value )
How ever there are guidelines to find IDV , which depends upon many factors like market value , Invoice price , age , depreciation etc
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